Please tell us a bit about yourself to gain immediate access to this piece of content

First name: *

Last name: *

Email: *

* These fields are required.

cancel

INCREASING REVENUE WITH YOUR EHR

Blog

Tue Jan 3, 2017

Most conversations about electronic health records (EHRs) center around their efficiency and how they impact the delivery of patient care. Overall, opinions about the technology tend to be lukewarm at best, with many providers believing that having to use an EHR detracts from their ability to engage with patients and adds an unnecessary burden to the management of patient care.

That being said, EHRs are here to stay, and many providers are beginning to see that there are some significant benefits to the technology. One area where EHRs can have a positive impact is revenue. Consider this: In 2013, about 75 percent of providers expected that making a switch to an EHR would lead to a drop in revenue, due to problems in recordkeeping and billing. However, in a follow-up study a few years later, about 97 percent of providers who adopted EHRs reported an increase in revenue.

One of the major reasons for the increase in revenue is the EHR’s ability to capture charges. With the appropriate equipment at the patient’s bedside, providers can accurately document charges in the moment, rather than expect that they will be correctly transcribed and billed from paper records. Many providers note the potential for thousands of dollars in legitimate charges to be lost in the paper documentation process, and the positive effect that electronic documentation has had on income.

Capturing charges isn’t the only way that EHRs can increase revenue, though. By tapping into the potential of the system, and using the features to their greatest advantage, you can actually bring in additional income, and even potentially create new revenue streams.

Reducing Expenses

While not a means for bringing in more money per se, reducing expenses can improve the overall bottom line of the practice. EHRs offer a number of means for expense reduction.

Reduced liability costs. A Harvard Medical School study found that malpractice claims have reduced considerably since the widespread adoption of electronic records. Claims are now about one-sixth of the previous rate, and declining. Because of this sharp decrease, many malpractice insurers are offering significant discounts on coverage to those providers who adopt EHRs. Not to mention, the reduced likelihood of a malpractice claim itself can save your practice a great deal of money.

Reduced office expenses. EHRs allow your office to make strides toward becoming paperless, which can save your practice thousands of dollars per year in reduced supply expenses, transcription costs, storage costs, and the time required to manage paper records.

Increasing Revenue

While less money leaving your practice is a good start, your EHR can also bring more money in. For example:

Incentive Payments. Under CMS rules, in order to receive incentive payments, you must be able to prove “meaningful use” of your EHR. By meeting these objectives, you can receive up to a 5 percent increase in your reimbursements, which can be a significant source of income.

Meaningful use objectives vary by phase, but include everything from secure messaging and health information exchange to computerized order entry. In addition, with the new emphasis on quality of care and value-based purchasing, using your EHR to its full advantage helps ensure that you are meeting the goals for patient care and qualifying for the highest possible reimbursements.

See more patients. Electronic records, when used efficiently, can save you time during your patient visits and potentially allow you to see more patients in a typical work day. Consider using pre-filled templates for common ailments, or having your assistants complete the basic medical history and document the patient’s issues before you arrive in the room.

These small changes might only save a few minutes per patient, but over the course of the day, that time adds up and could allow you to see more patients. Not only are your patients more satisfied with the access to your practice, but at an average of $100 per visit, just two extra patients per day could equal $50,000 in a year.

Administrative charges. Many physician practices receive regular requests for patient charts from life insurance companies as part of the claims review process. The time and effort required to prepare these charts can be a burden on the practice, but an EHR can actually turn these requests into a source of revenue. Insurers could potentially request the charts via an electronic system for a nominal fee; the result is a more accurate and complete chart (directly from the EHR) delivered more quickly, and providers being reimbursed for their time.

Perhaps the most important effect that an EHR can have on your practice, though, is its contribution to patient engagement and satisfaction. Quite simply, the majority of patients expect their providers to use electronic records, and may find those who do not to be old-fashioned — potentially prompting questions about quality of care.

If you are not using your EHR efficiently, it’s possible that you could lose patients to a practice that is more in tune with technology, and lost patients equal lost revenue. To keep your practice thriving, consider the ways in which you can maximize your HER – increasing revenue and improving patient care along the way.

To connect with one of PointClear Solutions’ technology experts, or to learn more about this blog subject (or our digital strategy, design, development, and/or management services), Contact Us. (And don’t forget to follow us on LinkedIn for more great content!)

DAVID KARABINOS

CEO, PRESIDENT & BOARD CHAIRMAN

As President and CEO of PointClear Solutions, David works with the board and executive team driving the vision and strategies of the company. His 36+ years of technology and business experience have helped PointClear achieve exceptional and steady growth since he joined the company in 2010. David honed his skills during the first 18 years of his career in Fortune 500 companies. Since then he has used those skills to create and build numerous companies including eHealthClaim, EquaTerra, Halo Monitoring, American Bank of Huntsville, Harvest Business Advisors and PointClear Solutions. David earned a BS in Business Management/Finance from the University of Alabama Birmingham.

BLAINE ANDERSON

BOARD DIRECTOR, FOUNDER

Blaine co-founded PointClear in 2006 and has been heavily involved in all aspects of the company as it has grown from a startup to a market leader. Blaine started his career at NASA and spent 17 years there studying vibration and acoustic effects in the Space Station and the Space Shuttle programs. Prior to PointClear, Blaine was involved at startups in the healthcare and software development areas, including eHealthClaim and ComFrame. Blaine earned an engineering degree from Auburn University, and currently serves as a mentor at numerous incubators in the Nashville area.

Daren McCormick

COO, EVP & BOARD DIRECTOR

As Chief Operating Officer, Daren works closely with the company’s leadership to guide and direct the day-to-day operations of the company. For over 25 years, Daren has served in progressively more responsible leadership positions across a wide range of privately held and publicly traded companies, including “Fortune” companies. Daren has dedicated his career to the delivery of creative solutions in the healthcare information technology marketplace. Daren holds a degree in Computer Science with a concentration in Software Engineering.

NEAL EVANS, PhD

BOARD DIRECTOR, FOUNDER

Neal Evans, PhD., is both a founder and board member at PointClear Solutions. His interests include artificial intelligence, computational physics, and evolutionary algorithms. His contributions range from the theoretical to the practical, including advances in machine learning, physics, and theoretical optics, and application of these concepts to health informatics. He is a member of the American Physical Society (APS), the Optical Society of America (OSA), and the International Society for Optics and Photonics (SPIE). He has published in scientific journals and books. Neal is a former board member of the A.G. Gaston Boys & Girls Club and volunteers for Carpenter’s Hands in Birmingham, Alabama.

LEE FARABAUGH

BOARD DIRECTOR, FOUNDER

Lee Farabaugh is both a member of the Board of Directors and founder of PointClear Solutions. She is a senior technology design, operations, and innovation expert, with more than a decade of experience in financial technology (fintech) and healthcare IT. Currently, Lee is serving as chief operating officer of Core10, a company that she also co-founded. Lee holds a bachelor’s degree in studio art from Wake Forest University, a master’s degree in human-computer interaction from Georgia Tech, and a master’s degree in health informatics from the University of Alabama at Birmingham, where she is an adjunct instructor. Before joining PointClear in 2006, she was a usability engineer at the Centers for Disease Control and Prevention.

SHAWN EWING

VICE PRESIDENT OF PROJECT MANAGEMENT

As Vice President of Project Management, Shawn oversees a team of project managers to ensure the successful delivery of client’s software development engagements. Shawn is a motivated, personable business professional with over 12 years of product and project management experience. Since joining PointClear Solutions in 2011, he has applied his project management skills to numerous projects spanning several months to multi-year engagements. He is accomplished in project management methodologies, web and mobile development projects, project planning, team building and communication. Shawn earned a BS in Education from Missouri State University and is a Certified Scrum Master (CSM).

THADD SELDEN

PRINCIPAL ARCHITECT

As a Principal Architect, Thadd helps PointClear Solutions design innovative and scalable web applications and mobile app back-ends. Thadd has a degree in Physics and Math and started his career in defense. After spending 7 years building ground control systems for unmanned systems, first for the Navy and later for Raytheon, Thadd moved on to work on web technologies. He has been using Ruby on Rails since its infancy and has helped launch dozens of successful web and mobile projects.

TOMMY WHITE

VICE PRESIDENT, SOLUTIONS MANAGEMENT

For more than 20 years, technology has been at the center of Tommy White’s career. Across multiple industries, including industrial automation, process control, banking, retail, and healthcare, he has used this central theme to make great ideas a reality. Among the leading international organizations with which Tommy has worked are Siemens, BBVA, and InfluenceHealth. Leaning on degrees in both computer science and psychology, he fully understands that solutions are not independent topics, but rather a choreographed dance between business, technologies, and end users.

Tommy has been a part of the PointClear Solutions team since early 2016 and serves as Vice President, Solutions Management. He is based out of the Birmingham, Alabama, office and his team is responsible for establishing the strategic services that PointClear clients and partners take advantage of for long-term planning, roadmap definition, and execution. PointClear’s proven Solutions process is both a core driver for success, and an accelerator for any multi-phase, multi-platform solutions.

SHAWN FARRAR

SOLUTIONS DIRECTOR

Solutions Director Shawn Farrar joined PointClear Solutions in 2011 and offers expertise in enterprise and business strategy, project management, product management, business analysis, and vendor management. Previously, he served as a global project manager at Apple and a manager, cloud systems, at Hertz Global Holdings. Shawn holds a Bachelor of Science degree in human factors from the University of Illinois and is currently pursuing a master’s degree in health informatics from Northwestern University.

MICHAEL ATKINS

VICE PRESIDENT, TECHNICAL SERVICES

Michael Atkins joined PointClear Solutions in 2017 and is responsible for overseeing all aspects of the company’s technical services functions, including management of a team of architects and engineers.

Before joining PointClear, Michael spent several years with Change Healthcare, where he served as the company’s director of Applications Development, Engagement Solutions. Prior to this, he was a director of Healthcare Clinical Solutions Development with Walgreens.

Michael holds a BPA in computer science and accounting from Mississippi State University.

CHRIS HAMMACK

VICE PRESIDENT, BUSINESS DEVELOPMENT

Chris Hammack brings to the PointClear Solutions team more than 20 years of healthcare industry experience. A seasoned sales and business development leader, he most recently served Greenway Health as a regional vice president. He offers expertise in population health and revenue cycle operations, among other areas of healthcare.

Chris holds a Bachelor of Science degree in marketing from the University of Alabama at Birmingham. He is also a Microsoft Certified Solutions Expert (MCSE) and holds various other networking, management, and sales certifications, including one from the Sandler sales training program.

CHRIS KARABINOS

VICE PRESIDENT, BUSINESS DEVELOPMENT

Chris Karabinos has been with PointClear Solutions since 2011, serving in various business development positions, including sales, marketing and partnership development. As vice president of Business Development, he has helped develop PointClear’s business in the healthcare technology market nationally, as well as in the Southeast United States.

Previously, Chris served eHealthClaim, Coca-Cola, Procter & Gamble, and ChoicePoint. He is very active in the HIT community in Georgia, serving on the boards of TAG-Health, Health 2.0 Atlanta and Kennesaw State University’s Healthcare Management & Informatics School. Chris has also served on the HIT Leadership Summit’s Steering Committee since 2012. Chris holds a Bachelor of Science degree in industrial engineering from Auburn University. He resides in Atlanta, Georgia.